Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.15 per share [115][123] Core Views - The company's revenue and net profit are expected to grow significantly, driven by the development of new products by panel manufacturers and the improvement of high-tech display product technology [56][114] - The company has achieved mass production of 180nm process node semiconductor chip masks and is advancing the development of 130nm-65nm PSM and OPC process masks, as well as 28nm semiconductor chip masks [111] - The company's OLED mask products accounted for approximately 30% of total revenue in 2023, with gross margins exceeding the average level [114] Financial Performance - In 2023, the company achieved revenue of RMB 924 million, a YoY increase of 21.26%, with a gross margin of 27.62%, up 2.42 percentage points YoY [110] - Net profit attributable to the parent company in 2023 was RMB 134 million, a YoY increase of 42.48% [110] - Revenue from flat panel display, semiconductor chips, and other industries in 2023 was RMB 731 million, RMB 144 million, and RMB 41 million, respectively, accounting for 79.06%, 15.61%, and 4.40% of total revenue [110] - In Q1 2024, the company achieved revenue of RMB 272 million, a YoY increase of 48.54%, and net profit attributable to the parent company of RMB 50 million, a YoY increase of 155.22% [110] Valuation and Forecast - The company's revenue for 2024-2026 is forecasted to be RMB 1.109 billion, RMB 1.406 billion, and RMB 1.834 billion, respectively [123] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 191 million, RMB 216 million, and RMB 280 million, respectively [123] - The company's EPS for 2024-2026 is projected to be RMB 0.71, RMB 0.81, and RMB 1.05, respectively [123] Industry and Market Position - The company has achieved mass production of 8.6th generation high-precision TFT masks and 6th generation medium-high precision AMOLED/LTPS masks [114] - The company's subsidiary, Shenzhen Qingyi Micro, has steadily increased its production capacity for semiconductor masks, with new equipment introduced in 2023 further enhancing capacity [111] - The company's OLED mask products have seen rapid growth, with significant contributions to revenue and profitability [114]

研究报告 2024年4月29日 韦尔股份（603501 CH） 业绩增长叠加毛利率修复 [投Ta资bl要e_点yem ei1] [Table_In fo] （本报告为 2024 年 4 月 28 日发布的英文报告的翻译版。） 维持优于大市 评级 优于大市 维持优于大盘并维持每股 136 元人民币的目标价：韦尔股份 2024 当前价 Rmb96.71 年第 1 季度业绩优异，营业收入为 56 亿元人民币（季度环比下降 目标价 Rmb136.00 5%/同比增长30%），净利润为5.58 亿元人民币（高于市场一致预 期的 45-50 亿元人民币）。由于产品结构优化和上游成本下降，韦 海通国际环境、社会和治理 3.0-3.0-3.0 尔股份 2024 年第 1 季度的毛利率为 28%（2023 年第 4 季度为 环境-社会-治理：0-5，（ESG点评请参阅附录） FIN-ESG评级 A 23%），无疑是个利好消息。往后看，随着更高端的智能手机 资料来源：盟浪。经许可转载；不得再次转载 Cmos 图像传感器（CIS）的结构优化，我们预测公司毛利率将稳定 市值 1,175.8亿元人民币/162.2亿美元 在 28-30 ...

研究报告Research Report 29 Apr 2024 福耀玻璃 Fuyao Glass Industry Group (600660 CH) 2024 年一季报点评：收入规模和盈利能力同比快增，1Q24 业绩超预期 1Q24 Result: Revenue & Profit Grew Rapidly, Q1 Result Beat Expectations [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 收入规模和盈利能力同比快增，1Q24业绩超预期。公司发布2024 评级 优于大市OUTPERFORM 年一季报，1Q24 实现 88.36 亿元，同比+25.3%，环比-5.4%；毛利 现价 Rmb49.23 率 36.8%，同比+3.62pcts，环比+0.27pcts；归母净利润 13.88 亿 目标价 Rmb56.33 元，同比+51.8%，环比-7.7%，净利率 15.7%；扣非归母净利润 HTI ES ...

Investment Rating - The report maintains a neutral rating for the company [2][10]. Core Views - The target price has been adjusted down to Rmb33.00, based on an 18x multiple of the projected earnings for 2024 [4][10]. - The company's Q4 2023 performance met expectations, while Q1 2024 results fell short, but guidance for Q2 2024 aligns with expectations [4][5]. - The report anticipates continued range trading for the stock, with investor focus on Apple's product cycles and profitability [4][10]. Financial Performance Summary - Q4 2023 revenue was Rmb760 billion, showing a 31% quarter-on-quarter increase and an 11% year-on-year increase [4][5]. - Q1 2024 revenue reached Rmb524 billion, a 31% decrease quarter-on-quarter but a 5% increase year-on-year [4][5]. - Net profit for Q4 2023 was Rmb36 billion, while Q1 2024 net profit was Rmb25 billion, reflecting a 31% decrease quarter-on-quarter but a 22% increase year-on-year [4][5]. - The company expects net profit for Q2 2024 to be between Rmb27.56 billion and Rmb29.74 billion, indicating a year-on-year growth of approximately 18% to 27% [4][5]. Earnings Forecast - Projected revenues for 2024 and 2025 are Rmb250.23 billion and Rmb287.85 billion, respectively, with year-on-year growth rates of 8% and 15% [4][8]. - Projected net profits for 2024 and 2025 are Rmb13.51 billion and Rmb17.45 billion, respectively, with year-on-year growth rates of 23% and 29% [4][8]. - The diluted earnings per share are expected to be Rmb1.93 for 2024 and Rmb2.49 for 2025 [4][8]. Market Position and Outlook - The report expresses caution regarding the demand for Apple products in 2024, expecting the company's business to remain flat year-on-year [4][5]. - Positive growth is anticipated in the company's share of iPhone assembly and AirPods production [4][5]. - The automotive sector is expected to see significant growth, with a 50% year-on-year increase in deliveries in 2023 [4][5].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 138.25 for 2024, reflecting a 2% increase from previous estimates [3][12]. Core Insights - In 2023, the company's net profit attributable to shareholders increased by 40.32% year-over-year, reaching RMB 449 million, while revenue grew by 36.63% to RMB 1.94 billion [3][11]. - The company plans to distribute cash dividends totaling RMB 141 million in 2023, which is 31.47% of its net profit [3][11]. - The company is focusing on enhancing its R&D capabilities, having filed for 42 new invention patents and 9 utility patents in 2023 [3][12]. - The construction of new product projects is progressing, with all expected to achieve continuous mass production in 2024 [12]. - The company is advancing its internationalization strategy to better serve global customers and has refined its marketing organization [12]. - An excellence in manufacturing initiative has been launched, adopting the World Class Manufacturing (WCM) system to enhance biomanufacturing capabilities [12]. Financial Summary - The company achieved a revenue of RMB 1.94 billion in 2023, with a projected revenue of RMB 2.63 billion in 2024, RMB 3.42 billion in 2025, and RMB 4.64 billion in 2026 [4][9]. - The net profit is expected to grow to RMB 623 million in 2024, RMB 850 million in 2025, and RMB 1.145 billion in 2026, reflecting a strong growth trajectory [4][12]. - The gross margin is projected to remain stable around 40% over the next few years [4][9].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 39.02, reflecting a low valuation with a 2024E PEV of 0.6x [12][15]. Core Insights - The company has achieved its highest growth in New Business Value (NBV) in recent years, with a year-on-year increase of 26.3% in Q1 2024, driven by a significant improvement in the structure of new policies [1][21]. - The total investment assets reached RMB 59,319 billion, marking a 4.8% increase from the beginning of the year, although the net investment yield slightly declined to 2.82% [2][18]. - The agency force remains stable in size but has improved in quality, with a 17.7% year-on-year increase in first-year premium per agent [14][21]. Summary by Sections Life Insurance - New policy premium structure has significantly improved, with first-year premiums at RMB 748 billion, up 4.7% year-on-year, and ten-year and above premiums at RMB 252 billion, up 25.4% [1]. - The NBV margin is expected to show significant improvement due to the growth in mid-to-long-term premium business and cost reduction efforts [1]. Investment - Investment assets have grown steadily, reaching RMB 59,319 billion, with total investment income at RMB 647 billion, a 7.2% increase year-on-year [2]. - The net investment income was RMB 427 billion, showing a slight decline of 0.1% year-on-year, with a simple annualized net investment yield of 2.82% [2][18]. Financial Performance - The company's net profit attributable to shareholders for Q1 2024 was RMB 20.6 billion, down 9.3% year-on-year, while equity at the end of the quarter was RMB 480.4 billion, up 46.6% [11][13]. - The report forecasts a gradual recovery in net profit growth, with an expected increase of 8.2% in 2024 and 13.5% in 2025 [16].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7][27] Core Views - The company is a leading manufacturer of precipitated silica, focusing on the research, development, manufacturing, and sales of silica products, with a complete industrial chain from raw materials to final products [13][14] - The company achieved an operating income of 1.81 billion yuan in 2023, a year-on-year increase of 3.66%, and a recurring net profit of 394 million yuan, up 8.91% year-on-year [14] - The company is actively expanding its product offerings and has successfully commercialized new technologies, including biomass-based silica production [26] Financial Performance - In 2023, the company recorded a gross profit margin of 29.44%, up 0.83 percentage points year-on-year, and a net profit margin of 22.78%, up 1 percentage point year-on-year [14] - For 2024, the company is expected to achieve a net profit of 495 million yuan, with corresponding EPS of 1.19 yuan, and a target price of 23.80 yuan based on a PE ratio of 20x [27] - The company forecasts sales volume growth of 20%, 15%, and 12% for the years 2024 to 2026, respectively [3] Sales and Market Trends - The company's main product, silicon dioxide, achieved a sales volume of 86,900 tonnes in Q1 2024, representing a year-on-year increase of 33.49% [15] - The average price of silicon dioxide decreased by 4.43% year-on-year, while raw material prices for soda ash, quartz sand, and sulfur saw significant declines [15] Production Capacity and Utilization - The company has been releasing production capacity for its main product, leading to record sales volumes [14] - The capacity utilization rate at the company's Thailand base has improved rapidly, enhancing economic benefits [14] ESG Initiatives - The company is advancing in green and low-carbon development, with successful projects in biomass-based silica production and carbon capture technology [17][26]

研究报告Research Report 29 Apr 2024 洛阳钼业 China Molybdenum (603993 CH) 厚积薄发，铜钴产量放量突破，业绩迎来高增长 Thick accumulation, copper and cobalt production volume breakthrough, and performance ushered in high growth [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM  2023年营业收入保持增长，铜、钴矿产量大增。公司于2023 现价 Rmb9.28 年实现营业收入1862.69亿元，同比增长7.68%；实现归母净 目标价 Rmb12.22 利润 82.50 亿元，同比增长 35.98%；实现扣非归母净利润 HTI ESG 5.0-5.0-5.0 62.33亿元，同比增长2.73%。2023年度公司矿产品产量大幅 ...

Investment Rating - Maintains an **OUTPERFORM** rating with a target price of RMB 8.56 [2] - Current price is RMB 7.48 as of April 26, 2024 [2] Core Viewpoints - The company's 2023 financial performance exceeded market expectations, with revenue reaching RMB 21.05 billion, a 12.21% YoY increase, and net profit attributable to the parent company reaching RMB 885 million, a 42.99% YoY increase [2][9] - The company's Q4 2023 performance was particularly strong, with revenue of RMB 7.23 billion, a 33.74% YoY increase, and net profit of RMB 365 million, a 144.32% YoY increase [2][9] - The company's market share in the State Grid batch increased YoY, ranking first in the industry, with a 38.1% share in transformers and 45.6% in valves [11] Financial Performance - Revenue for 2023 was RMB 21.05 billion, with a 17% YoY growth, and is expected to reach RMB 24.69 billion in 2024, RMB 28.77 billion in 2025, and RMB 32.68 billion in 2026 [2] - Net profit for 2023 was RMB 885 million, with a 45% YoY growth, and is expected to reach RMB 1.18 billion in 2024, RMB 1.48 billion in 2025, and RMB 1.74 billion in 2026 [2] - The company's gross margin remained stable at 18.6% in 2023, with a slight decrease to 18.2% expected in 2024 [2] R&D and Technological Advancements - The company increased its R&D investment by 19.70%, focusing on high-voltage transmission and distribution equipment [11] - Six national key R&D projects progressed as planned, with breakthroughs in core technologies such as the 190kA large-capacity generator circuit breaker and the ±800kV rubber-impregnated paper capacitor-type converter transformer bushings [11] Industry and Market Outlook - The company is expected to benefit from the acceleration of ultra-high-voltage (UHV) construction, with five DC UHV projects and two AC UHV projects expected to start construction in 2024 [12] - The total amount of UHV equipment procurement in 2023 was RMB 40.52 billion, a 1,072.3% YoY increase [12] - The UHV industry is expected to maintain high prosperity during the 15th Five-Year Plan period, with an average of 3-4 DC UHV lines expected to start construction annually [12] ESG Performance - The company has an ESG score of 3.0-3.0-4.0, with strengths in governance and environmental initiatives [2][14]

海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保 证及时无遗漏，如需了解及时全面信息，请发邮件至 ERD-Disclosure@htisec.com） HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, ...